It appears that people had been misinformed or had made a wrong assumption, as Mahathir last night denied owning a stake in The Loaf which closed after 12 years in business.

The New Straits Times reported the Pakatan Harapan chairman as denying he had any stake in The Loaf.

“I only have some 200 unit shares with a tobacco company and with PNB which were awarded to me when I launched PNB products (when I was PM), ” he told reporters after attending a rally at Felda Bukit Tangga here yesterday.

Mahathir said this in response to a report on the closure of The Loaf. The closure was announced through a notice uploaded on social media on April 9. No reason was given in the notice.

“Thank you very much for enjoying and supporting the Loaf and our breads all these long years. We are truly happy and proud of the fact that the Loaf has been able to contribute to the betterment of quality of breads and bakery industry in Malaysia,” the notice read.

The Loaf opened its first outlet in Telaga Harbor, Langkawi, in 2006 with an investment of RM3 million. It then expanded to 12 outlets that included KLCC, Pavilion and Sogo shopping mall in Kuala Lumpur, and Empire Shopping Gallery in Subang Jaya, according to the report.

On July 9,2013, the Sun reported Mahathir as saying he hoped The Loaf would spread its wings abroad to countries such as Singapore, Hong Kong and Japan. The report described Mahathir as the chairman of The Loaf.

“At the moment we’re not confident just yet. We don’t want the franchisees to lose money, we want them to make money. I think one day when we are more confident we will expand the business,” The Sun quoted him as saying at the ‘Taste the Experience of Sweet Indulgence’ event at The Loaf outlet in the Sogo shopping mall.